charles does not wear makeup, but i do. i am dagen mcdowell appeared enough to ruin your weekend. sandy barreling towards the east coast. a storm like we ve never seen before. some predicting damages will top the $1 billion mark. resident obama and mitt romney storming the campaign trail raising a billion dollars a piece. how is that possible in such a lousy economy? we talk strategy and how they may spend that money, the remainder of it with monica crowley. apple's disappointment. the ceo blaming the rumor mill for killing ipad sales. could this man be our next treasury secretary? stanford professor john taylor on how to balance our nation's books. the economy in the third quarter growing just slightly better than expected, arriving at a 2%

annual rate. that was up from second-quarter growth from 1.3%. how are investors reacting to that? stocks now and every 15 minutes. nicole petallides at the new york stock exchange. nicole: good morning, everybody. when you look more closely into the number and then maybe people have been doing exactly that and that is why we have a negative number here on wall street for the dow jones industrials. this gain came from americans using their own income, buying products and services. that is not the case. the formula is comprised of several factors, one of which is pending by the federal government. it turns out they did more spending and that is why gdp got a pop. back to you. dagen: thank you so much. breaking news right now. the national hurricane center

releasing its latest advisory on hurricane sandy and the storms track. sandy is still a category one storm with 80 miles per hour sustained winds. it continues to head towards the east coast. we bring in the cheap mineralogist at whether bell.com. how dangerous could this be? >> it is something we have never seen before. it would have hit -- hurricane hazel in 1954, that came in at myrtle beach and moved north, northwest. all you had to do was take that further east. dagen: we should have been preparing for a storm of the

century. talk about this hurricane or it could be a tropical storm, i suppose by the time -- how does that change the type of weather and damage? >> what is happening now it is and upper air pressure. once that area gets away, you will see it tomorrow afternoon began to intensify. it will start moving out to sea and because there is a huge blocking high just like the 1950s, a newfoundland wheel, there is a massive blocking high and that is why we got hit with ten hurricanes in the 1950s, that will stop it, it will turn it in, upper air pressure dies in, you are getting a hurricane coming from the gulf stream which is still warm enough to support the hurricane, heading northwestward into the mid atlantic states even as cold air is pouring in from the west. this is something, if you love the weather, and i love the weather, my dad is a

meteorologist, he would pull out maps and say why can this not happen. the storm that came from the southeast. that is what we have going on. dagen: how much potential damage are we talking about? what type of devastation could the storm due to the most heavily populated area in the country? >> i think it will cost billions of dollars. you still have a lot of leaves on trees. you have a prolonged period of hurricane winds. it does not have a lot of time to weaken. i believe it will intensify saturday and sunday before he turns back to the northwest. unlike iran, which everybody thought you know, how come we did not get strong winds, irene was dragging in dry air from the west. still a $15 billion store. this comes out from the southeast and the problem you have with that is you look at atlantic city beaches or down in delaware and maryland, those

beaches have the water piling up and in. 1944 hurricane destroyed the entire atlantic city boardwalk in past 50-60 miles to the east. this has the possibility to have unprecedented storm surges. i believe it is a pick your poison. if it is further north, you can send a storm surge through long island where you are actually piling water up good this is a very situation. dagen: i love seeing you, joe. next time, i hope it is something else we can talk about. [ laughter ] >> i will come on and talk about nice weather. dagen: thank you. that does not help us at all. you have been talking about this exact type of storm.

in memory. several years. thank you so much. eleven days until we go to the voting booth and elect the next president of the united states and that we have this morning's gross domestic product report. the economy growing at a 2% clip. what to make of this report on the economy? what will voters do in reaction? rich edson standing by with more. rich: good morning. government spending driving much of the increase. 9.6% in the quarter. defense spending up 13%. nondefense up 3%. personal consumption 2%. a reaction from governor romney saying slow economic growth means slow job growth and declining take-home pay. this is what four years of president obama's policies have produced. the argument from the white

house, we have positive growth, it could be better. if the congressman asked how j.o.b.s. bill, but at least we are in positive territory. that is the economic case that the obama campaign has been making. he will continue to make that this afternoon in iowa with a major economic speech. dagen: thank you. rich edson down in d.c. you have an economy growing at a 2% clip in the most recent quarter. you have two candidates raising a record $2 billion. fundraising on track to be the costliest election in modern u.s. history. monica crowley. it scares the bleep out of me. $2 billion. explain that. >> it is absolutely incredible. we were talking about the first billion-dollar campaign. that was barack obama and john mccain.

barack obama raising $750 million. now, you have both campaigns romney and barack obama each raising about a billion dollars. it is incredible. both sides, or at least the heavy rollers on both sides, see this as the most critical election of a lifetime. look, you are getting a lot of small donors also. more so now coming into the republican side. dagen: how do they spend it, though, in the final days of this campaign? to what extent will the obama campaign still be aggressive and be negative, potentially, and target to back governor romney's campaign has more cash on hand than barack obama's. remember barack obama was not

limited in his spending throughout this entire year because he did not have a primary challenger. he has been burning through his cash trying to paint governor romney as some sort of evil capitalist. governor romney was limited. he can start spending his general election cash until he was formally the republican nominee. now he is ready to go to unleash, literally, hundreds of millions of dollars in tv ads in all of these swing states. dagen: is it too late in terms of saturation? are people sick of seeing that ad and are they less effective the closer you get to the election? >> here in new york, we do not see any ads. i have been traveling to the swing states, colorado, nevada, in every hotel room i turn it on. i think you're saturation is a good one.

most voters, most voters really do not focus on a presidential election until the last month. certainly, within, ten days, 11 days left until this election, people are really focused on it. if you are going to reach them with television ads and mailings, now is the time to do it. dagen: 2% growth in the third quarter. it is not good enough to make a difference. >> the fact that we are even saying it is not awful enough tells us this is the new normal. most of the american people should be doing a lot better than this. the reagan recovery we had six, seven, eight, 9% gdp every quarter. 2% is pathetic. dagen: monica, it was great to see you. you look fantastic. lady to lady. well, actually, woman to lady. apple, a disappointment.

talk that this man could be the next treasury secretary. of course, it does depend on who gets elected, november. professor john taylor talks about things in washington. more on sandy, that storm and potentially billions in damage that could be done up and down the east coast. first, let's take a look at the oil market. oil is down this morning. still down below $86 a barrel. ♪ [ male announcer ] this is steve.

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dagen: quarter past the hour. stocks now and every 15 minutes. nicole has two different companies. nicole: let's take a look at these companies. you can take a look at the long-term charts and short chart. it has been under pressure late yesterday since they came out with their numbers. we are seeing it with a down arrow today. they are all about internet domain names. when you talk about.com,.net, that is their business. the u.s. commerce department may not complete the agreement

before it expires at the end of november. with that uncertainty, that is why you are seeing the stock down nearly 19%. then we take a look at expedia. expedia came out with their numbers. they are seeing growth over in the asia pacific. that is good news for expedia. there you have it, of 13%. back to. dagen: thank you, nicole. he is back. it is time to make some money with charles payne. charles: here is the thing, i hate the quarterly reporting, you and i have talked about this. it is so stupid. if you happen to miss, be punished. some companies can get away with it. amazon, i think, he has built a

reputation where we can understand. steve jobs obviously had that reputation. tim cook, i am not so sure. i wanted to put up a difference in the components. the only thing that really did good with the iphone. everything else, i've had for a disappointment. ipods were a disappointment. charles: here is the thing, three questions to ask, should any company be punished for making long-term investments? the answer is clearly, no. should a company be punished for making these investments wait? is apple moving late? samsung reported overnight also. they doubled. they are rocking it. the answer to that is, maybe.

finally, should a company be punished if it is losing market share? samsung and i was on -- that is the? dagen: they came out with the fourth generation ipod or unveiled a seven month after releasing the other one. it is playing loose with your customer base. samsung has some really terrific phones. charles: patient 80 million of the galaxy three. 50 million smart phones in total. even on the kindle, the next kindle comes out november 20 and it is a $299 product. they are aiming for apples

tablets. i do not know if i would jump in right now. i think i would be cautious. i would not sell it if i was in it. dagen: love to your wife who you are talking about on learning and company. she has a new heart. prayers and blessings. the reason we are all happy when we work here is because we do love each other and we are family. i will keep praying. charles: you really love me. dagen: i love you deeply and dearly and your family to. the story you told about the girl who basically saved eight flies because of this. charles: a 20-year-old girl. dagen: we have to go before i start crying. charles, i love you. love to yvonne. prayers and blessings. her money, she is not with us anymore, but her money is. look at the money some stars are making after they have passed

on. concerns growing along the eastern seaboard. the storm expected to cost a billion dollars. possibly 15 billion. could it happen? a look at world currencies and how they are holding up against the dollar today. ♪

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>> 24 minutes past the hour. i have your fox news minute. the storm is making its way to our shores. she is expected to merge it with a winter storm and a blast of arctic air and hit the east coast next tuesday creating a superstore. activist in syria say five people were killed by large car bombs in the capital of damascus as army nd rebel forces clashed throughout the company today. this despite a cease-fire.

president assad agreed to the troops as long as the rebel forces noticed it as well. the statue of liberty is expected to open just in time for its birthday. it has been closed since last october for a renovation. those are your fox news headlines on the fox business network. dagen: just in time for them to shut it down again for the storm. [ laughter ] good to see you, as always. sue lowe predicting a near 2% rise. not all market so lucky. 191 markets saw a decline in the third quarter, up over 30% from the last. some of the hardest hit areas include cleveland, cincinnati, atlanta, chicago and new york. the decline could also mean big

business for the website. the zillow is offering new things. forbes releasing it list of the highest earning dead celebrities of the last year. bob marley's estate brought in $17 million. not so much for creator of charlie brown and his gang. his estate saw $37 million. the king, elvis, made 55 million. he was outdone by the king of pop michael jackson. number one, elizabeth taylor. she made $210 million. i bet she does it all to charity. we have the latest on hurricane cindy and were the worst of the storm will hit.

this man could soon be managing our nation's finances. john taylor is coming up. what he thinks about what the federal reserve is doing to this economy and the value of the greenback. it has been weak. but not week, these winners on the s&p 500. ♪

♪

dagen: up-to-the-minute coverage of the head of the approaching superstore, sandy, the hurricane expected to huge price tag with it as it hits the east coast.

the governor of virginia has just declared a state of emergency in that state. the cost of college keeps skyrocketing. john taylor, remember those two words, he could be the next treasury secretary. he certainly will be talking with us before the top of the hour. stocks now and every 15 minutes, everybody. watch the impact of citigroup. nicole: he is out. this is a big story on wall street. when you talk about analysts, there are some that are better known than others. when we talk about this guy from citibank, he is one that is known on wall street. he covers over 30 stocks. he was fired today. the stock is down 1.7%. he joined citigroup back in 2005. he was on institutional investor

magazine has a top analyst over and over again. while he did not make the right call on everything, he certainly was influential. the regulators fined citigroup $2 million for failing to supervise what this man and an unnamed junior analyst disclosed about facebook. dagen: thank you so much, nicole. virginia governor just declared -- we have the latest coverage. what do you know? phil: fortunately, for the state of florida, the only impact from the hurricane is tropical storm impact because the eye of the hurricane is about 200-250 miles off shore.

it is about the same latitude right now as west palm beach. as far as the beaches go, beaches are closed in brevard county. riptide can be very dangerous. on the streets here, you can see the street blocked off here in downtown fort lauderdale. a lot of sand came blowing across overnight as those outer bands from hurricane sandy were really causing an impact. as far as damage, though, it has pretty much been minimal. look at this vote tied up to a dock. it has been battered, beaten and half sunk. sand all over this morning making it for a very slow commute. schools were all closed in anticipation for a lot of wind and rain and certainly south florida has gotten that. it has been a killer storm as well. all through jamaica, cuba, haiti and all through the bahamas it

was raging killing at least 22 people so far. a lot of rooftops ripped off homes and houses completely damaged. back here in fort lauderdale, the son has the flu a couple of times. it will go up the eastern seaboard. that, of course, threatening about 50 million people all up and down the eastern seaside of the united states. back to you. dagen: phil, thank you so much for that. now we want to go to janice dean. i ask you this at 4:00 o'clock in the morning. how bad could it get? >> it is exactly as i told you around 4:00 o'clock. the track has not changed. you need to be paying close attention. all of the computer models are now sort of owning and on this storm system that will interact with this arctic cold front

could we have this atmospheric traffic jam that is blocking the system from going anywhere and a weakness in the cold front will allow it to backdoor into the northeast. it is something we typically do not see at this time of year. again, the system bringing strong gusty winds. then it will crawl its way up towards the outer banks, the carolinas, coastline here and it will interact with this cold front. that is when it will get that energy to become our superstore, our perfect storm. there is a latest track from the hurricane center. still a category one over the next several days. it will make that northwestward to her back towards the most heavily populated core door in the country. what we are dealing with is tropical storm inside a nor'easter. this will cause major problems. i do expect the new york city

transit is dumb will have to be shut down monday into tuesday. dagen: thank you, janice. terrific stuff, as always. >> i do not want to supersede mayor bloomberg, but i think you will have to do it. dagen: and atmospheric traffic jam, i am going to borrow that. stanford professor john taylor on how to balance our nation's books. take a look at how treasuriis are trading today. what is the ten year yield doing postdoc 1.76. how long can that last? harley japan? that is all coming up. ♪

>> i have your fox business brief. the manhattan business office is charging an online business man with a scheme to defraud facebook and his chief executive mark zuckerberg. they filed a federal lawsuit federally claiming to have been promised a 50% share in the company been doctored and destroyed evidence to support his claim. the u.s. being a record rise -- according to government data,

the number of americans collecting is up nearly 20% from february 2009 in the u.s. economy expanded at a slightly faster than expected pace during the third quarter. gdp was up 2% thanks to a huge jump in federal spending by the government. that is the latest from the fox business network. giving you the power to prosper. ♪ [ male announcer ] do you have the legal protection you need? at legalzoom, we've created a better place to turn for your leg matters. maybe you want to corporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy withtep-by-step help when completing your personalized document -- or you can even access an attorney to guide you along. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. gestarted at legalzoom.com today. and now you're protected.

dagen: how much could the federal reserve and its easy money ways change if there was a change in the white house come november 6? bret barker, some, little, or not at all? >> good morning. we think the long-term trend is

not that much. if obama wins the election it will probably be business as usual. if romney wins, it is not clear who will take over. some think any longer term the consensus building to bernanke makes it very difficult for one person to change the view. dagen: bernanke's term does not end until 2014. the federal reserve has promised to keep interest rates where they are and submit 2015. that raises an issue and of itself. >> we do feel that with the fed's view in the economy and both of the mandates, regardless of who is in charge, the rates will remain low for a

considerable period. dagen: is that long enough that you would actually put money into treasuries at this point? >> no. dagen: say that again. >> we find very low value add treasuries at this level. there is very little to value. dagen: if you look at the spread of high heeled over treasuries, how close are we to the all-time narrow spreads between those categories? >> it is getting very close. pick your spots within the fixed income market. we still tend to favor the nonagency mortgage sector. dagen: there is no sign of waning demand whatsoever, right, right, among investors?

>> there is a definite sentiment shift. there is so much cash on the sidelines, to your point. more and more people chasing for yield. i think that is what the fed does not want is this transfer. hopefully, it will get the economy going. dagen: you do believe they are helping to create some sort of wealth effect among individuals? >> it will be slow to come about. honestly, the fed is focusing on the housing market the most. keep rates lower, people can refinance their homes and hopefully that will over time we built the sheet. dagen: bret barker, great to see you. thank you. the man of the hour joining me now with more on the federal reserve and the man. who is taylor, john taylor and he is a professor at stanford university, a senior feller at

the senior institution as well. five keys to restoring america's prosperity. john, stay on the federal reserve, it is good to see you, by the way. how much trouble has the federal reserve showed for this country and whether you want to talk about a weakening dollar or preventing inflation, how much trouble are weak and just because of what the fed is doing in recent years? >> i think the fed has gotten quite unpredictable in its policy. i like to look that good. and monetary policy. the fed was pretty predictable. you knew what they would do. it created long expansions. recently, it has gotten to quantitative easing. some people like and some people do not. it has been very hard to predict what the feds are going to do.

to me, if somehow the fed can get back to the strategy, not necessarily the same, but some strategy it would be a good thing. dagen: to focus in on the bond buying or quantitative easing that has been going on, the most recent effort focused on mortgage securities, do you like it or do you not like it? >> no, i do not like it. i think it is not the kind of thing, the monetary policy i should be doing. it is focused on a particular sector that does not seem to have worked in the past. monetary policy should be thinking about the whole economy. when they start to do the specific things, it may look good for a day or two, but then you do not know what will happen. people get used to it and traders start to speculate. i would like them to go back to the kind of policy that i think worked in the past. i think it would have been better if we had followed that starting 2009 after the panic.

i think the recovery would have been better if that were predictable policy had been followed. dagen: do you think that longer-term interest rates, where would they be if they had not done that? below 1.8% right now, the ten year. >> i think the economy would have been stronger. i say that partly in the context of overall economic policy. it has been uncertain. none of that has helped the economy. if we could have had altogether a policy that was more conducive to growth, the growth would have been stronger and, of course, in that context, you would have expected interest rates to be higher for good reason. dagen: you stay right there, john is going to stay with us. that is what i am going to focus on. how much the federal reserve has @elped lawmakers borrow money

hand over fist and spend it and how much of a break they have been getting. i will give you a chance to think about this during the break, who is worse, who has done a lousier job, the federal reserve or our lawmakers in congress? we will be right back, john. as we go to break, take a look at some other winners on the nasdaq. ♪ look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treaent that does both. spiriva handihaler tiotropium bromide inhalation powder inhaled copd maintenance treaent that does both. does not replace fast-acting inhalers for sudden symptoms

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favor breaking news we told you earlier that citigroup had fired the ceo. he disclosed financial

information about facebook stuff. we are pleased to have this matter resolved. we take our internal policies and procedures very seriously. we have taken the appropriate actions. we are back with john taylor. maybe, just maybe, mr. taylor, you could be treasury secretary. would you want that job? >> there is so much speculation. i really like what i am doing here at stanford. dagen: would you want to run the fed? >> same thing. i like what i am doing. i like your questions about what the fed should do, but let's keep it right at that at this point. dagen: i was not going to let you get away without asking you that. who do you think has done a lousier job, congress, our elected officials, you can lump in the president if you will, in terms of managing our finances, for the federal reserve which

has essentially helped those very people spend and borrow money by keeping interest rates so low? one or the other. you get to pick. >> if you look at the fiscal policy, the administration starting in 2009, you have these temporarily stimulus packages. that has caused a huge amount of uncertainty. you think about monetary policy, you think about temporary quantitative easing, it has gone back, come out and come back again. i think that has not been helpful. two further enter your question, kind of reinforce both sides. that is why i think it is so important to get back to a longer-term strategy. dagen: with the federal reserve, though, is bernanke to blame because of that? do you think. other people if they had been running the central bank would

have done the same thing? >> i do not like to cast blame, you see in the 1980s and 90s there was always pressure to do a lot of things. the economy was really bad. the fed moved away from a very activist set of policies in the 70s to a more predictable and understandable policy. the same pressure exists all the time and policy to intervene to take specific actions. history shows what works better in a policy in the 80s and 90s really did wonders compared to the 70s and where we are now. dagen: do you think lawmakers will move and act swiftly to write our financial situation? you have to deal with the expiring tax cuts and spending cut that are looming and a

broadly speaking trying to reduce our national debt. do you think they will definitively act even if the federal reserve does not change its federal policy for at least another year and a half? >> well, i think there is a lot of interest in doing that. quite frankly, the program that governor romney has put forth to gradually reduce spending in a predictable way is a star. that is a good budget. a good way to begin. then, also to get started on the tax reform. that will take a wild. no question about it. you cannot just kick the can down the road once again. you have to make sure you are doing something constructive. i think there are a lot of people interested in doing that. i am optimistic about it right now. dagen: are we japan? are we past the point of no return? are we in this very slow growth, uncomfortable place with no growth for years to come remapped we do not need to be. very hopeful that we will get

out of this funk. the data they came in this morning was just low growth. housing picks up, but residential investment goes down. we have to get out of this. i think a change in policy will make all the difference. we have to change the policy, we cannot be complacent. there is a real opportunity to get back to the kind of recovery and growth we have had. i think as people see that, they will make sure it happens. of course, the election will be part of what determines how it all turned out. dagen: oh, it certainly will. john, good to see you. i hope to see you in person next time. john taylor from stanford university. take care, john. stay with us. more on these market and that frankenstorm. it could be billions of dollars in damage. you'll hear all about it coming up. and we focus on which candidates

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scotty story of the day is turning out to be sandy, the hurricane. liz: businesses have to prepare for this. it could shutdown the trend that system. dagen: she needs to be -- brought that up. he needs all the help he can get. cheryl: remember that one when new york city got smacked. dennis: no surprise about this one. no such thing as a perfect storm. i am dennis kneale. cheryl: i am cheryl casone. a billion dollar frankenstein storm, meteorologist giving sandia a 70% chance of stalking the northeast.

you can invest in stocks if these predictions come true. dennis: the most expensive campaign ever. the battle for the white house topping $2 billion. candidate good at raising money for themselves but which guy has the best fit for the economy? debate this in moments. cheryl: apple could be its own worst enemy. rumors of new products being blamed for customer reluctance to buy the current crop of ipads. we will talk about that. it is the top of the hour. stocks every 15 minutes. we have nicole petallides on the floor of the stock exchange. what is on your radar? nicole: trying to give you the mood of the market, seeing down arrows, profits down half -- 1/2%. the arrows remain to the downside not only today but for the week. we have been selling. watching apple very closely at of the holiday season but after quarterly report which were

disappointing we saw the missing numbers and outlooks. and the s&p downgraded to $700. others have a 660 price target. they're coming down with expectations and keeping a close eye on citigroup and facebook on the heels of what we heard, citigroup has filed their beat analyst after disclosing inside information on facebook and google. dennis: thank you. the dow down 43. third quarter gdp, the u.s. economy growing by 2% and west without a 10% in federal spending. 11 days before the election what will it take to unleash pent-up demand. the economy with warren mccarthy, and jeff cleveland, and which candidate has a better

plan. >> the key to having the economy grow is an inherent fiscal policy. getting the election behind us will be a step in the right direction. there's also an incentive for president obama to work harder with an inherent fiscal deal. if he were to be reelected. what i think is most encouraging from a possibility of a romney/derian pairing is that significant tax reform. either way we will get the benefit and it depends what they do after the new year. dennis: a lot of guys talk about certainty, the next administration will raise my income-tax is and capital gains taxes and spend lots of government money. not a great certainty that will help me. >> it is not. the biggest problem is there is a myth if we get a light -- the

right lead your gentleman in office they can fix everything and that is the problem. the economy is not like a car you take see your mechanic and plug it in and they tell you what is wrong and give you the right fix and everything is fine. the economy is more like your garden if you have one. there is something you can do to foster that garden and some things you do to hampered and we're doing more to hamper it than we are to encourage growth. i do think it is tied in not necessarily to taxes per se but uncertainty about where taxes will be and regulations will be. dennis: sounded like peter sellars in being there. the president can't come along to fix everything can the president heard thingss has obama's policy helped or hurt the economic recovery? >> be in transients in washington and alaska, the lack of a coherent fiscal policy has

hurt the economy and you can see it in a number of ways. the biggest impediment to the business and taxes and governments, government regulation, they are the primary source of payroll growth and that slowed down. investment in equipment and software was flat coming into this quarter. we had seen average growth of 10%. that is the uncertainty washington is creating making it impossible for businesses to make intelligent investment decisions so investing in anything. >> jeff cleveland, obama's policies have helped or hurt the recovery? >> uncertainty has harmed the recovery. dennis: let me ask you another thing. this fiscal cliff we keep hearing about will be so awful and horrible, can we take a bet as investors that a politician will work that out and we won't

go over it? >> the risk is the work something out and they kick the can down the road as professor john taylor said in the previous segment. that short-termm is is the real problem. we will be talking about the next fiscal cliff. that is the problem. i want longer-term decisions on the rules of the game, taxes up or down, however you want to do it, get those longer-term tight rules out there so on for burn ors and capitalists can play in the sand box. dennis: with taxes down is better than up. thank you very much. debate this. every day until the election we are debating issues that matter. we are halfway there. six down six to go. monday, health care with former each a s deputy secretary for white and christian dorsey, economic policy institute on monday, noon eastern. dagen: will east coast is

bracing for a billion dollar megastorm. gale force wind, flooding, heavy rain and even snow expected in the next week as hurricane sandy makes when north currently traveling 6 miles an hour with maximum sustained winds of 80 miles an hour. sandy currently 460 miles southeast of charleston, south carolina. you are looking at a live map. tropical storm warning in effect for florida's east coast to flagler beach, adam shapiro tracking the latest on sandy and where she is heading. >> we got off of a phone call with noah and it is not good news for the government. they expect that this will be a slow-moving storm, quote, two to three days of impact for a lot of people. wind damage, heavy rainfall, flooding and power outages. compared to i mean which it over a year ago we will see much broader surge impact. it is important, irene was an economic impact of $4.3 billion.

predictions for sandy to be $1 billion. that is an understatement of the storm is bigger and worse as noaa is indicating that hurricane irene. the edison electric institute is telling people in the area that could be hit by the storm, delaware to new england be prepared for power outages of as much as 7 to ten days. west virginia expected to get two feet of snow from the storm. parts of pennsylvania and ohio up to eight inches of snow. cheryl: adam shapiro tracking the storm. for more on sandy, continuity dynamics' president ralph petty. you advise businesses on how to prepare for these storms. what are you telling your clients? >> just keep an eye on things and don't overreact. we have 48 to 72 hours to track the storm and when they make a decision make it with the best information. cheryl: they have to be concerned. one thing you point out is they look at the supply chain and got

to be prepared if their business is shutdown and manage their employees. what do you say to that? >> experts have to take over. human resource organization then travel departments do that every day have to know what the factors are and what needs to be done in terms of their own planning for their organization and supply chain, critical suppliers need to step up and be honest about their capabilities. cheryl: and the employee each is as adam was showing on the map. this thing is really heading for a very populist part of the united states. how much disruption do you think we can expect? >> in previous forms including the ones in recent years communication, transportation, if folks are trained to work at home and companies do their due diligence and testing and test from home if communication goes out that is a problem. cheryl: working from home is a viable option. it is for an employee may be they should take that. let's talk about the overall cost.

businesses have insurance but that won't cover everything. how did they financially prepared? >> they work with what they have. someone has resources at another facility they do their planning ahead of time the va internal resources, work with their insurance companies, get what resources they need ahead of time lined up and make certain commitments and make sure they go forward. cheryl: the insurance company is the key line of communication for a business owner, small or large. the cost of these storms we are looking at the economic impact and i want to gauge what business, economic impact we will have. the cost issue, hurricane katrina was number one, $145 billion and took years for new orleans to recover and andrew $43 billion. ike, wilma, read and. what are you telling about sandy? where will that rank? >> you will be over $1 billion. folks at consensus organizations including fox.

new orleans is an unusual circumstance because they are unable and people did not have a lot of ways to get out or evacuate certain areas. on the east coast you have a number of major highways. route 40 and route 70 and route 80 where people can evacuate, moved inland the little bit. the greatest concern is the projected targets of consensus to approach land and make landfall around southern new jersey in monday or tuesday and people in new jersey who are in land won't have too far to go. cheryl: so it will be travel obstruction and highway obstruction and how business will be affected. thank you very much. appreciate it. dennis: one man's misery could be another man's moneymaker. how you can profit from the storm. we are making money with charles payne. cheryl: do not track. why companies are ignoring your request to stop monitoring your online life. dennis: as we do every day at

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dennis: hurricane sandy headed north. people in new york or new jersey bracing for impact that can

misery turn into opportunities? charles dean. charles: we always talk home depot and lowe's. if you go to home depot and ask about a generator they have the ones that cost $900 but if you want real one, the one you hook up to the natural gas line and never goes down, the one that everyone is talking about it will cost a lot of money. they get fantastic guidance on this. and no one heard of this company since the 1980, 1200 employees and 30 division 4 of making resistant impact windows and doors. user fees and market. dagen: number holdings. [talking over each other] charles: stock has taken up beating the street three quarters in a row. 53%. of big short position on it. i like a lot. dennis: thank you, charles payne.

cheryl: 15 past the hour. stocks every 15 minutes. i know you are watching apple. movement to the downside on stock. nicole: we have seen several analysts cutting numbers. the latest of which was the s&p. they cut their price target to -- cut their price target and that has hit the stock as well. they join many of their names. raymond james went to 730, and cutting price target to 660 from 710. obviously all of this around the numbers we have got from apple in the last 24 hours. earnings numbers came in shy. does apple have too many products? have they reached a plateau? a lot of uncertainty surrounding apple but a lot of high hopes for the holiday season. we are seeing it below 600. the all-time high was 700 and change. let's look at various sign. third quarter profit rose 32%. they had a more narrow revenue

outlook. they are waiting on government contracts and that -- it may be delayed, dot.com and the a c dot net delay the business and that is a big deal. dennis: an analyst says the company has itself to blame. cheryl: up-to-the-minute coverage of the approaching superstorm targeting the east coast. that is sandy. dennis: let's look at how the world currencies are faring today. [ female announcer want to spend less and retire with more? then don't get nickle and dimed by high cost investments and annoying account fees. at e-trade, our free easy-to-use online tools and experienced retirement specialists

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>> 20 minutes past the hour your fox news minute. forecasters are 90% sure hurricane sandy will make landfall in the u.s.. it is currently category 1 hurricane with 80 miles an hour wind but has the potential to become a monster bringing flooding and snow if it combines with a wintery storm with frigid air from canada. the three could meet near new york or new jersey by tuesday morning in an unprecedented

event. power is out and roads are flooded. sandy pass through, the damage melting across the caribbean, the storm has been linked to 22 fatalities so far with 11 deaths occurring in cuba as wind and rain with of routes. an italian court has sentenced a former prime minister to four years in jail. sylvia brad lidge tony has been convicted of tax fraud. in italy cases must past week to levels of appeal before the verdict is final and the former prime minister is expected to appeal. that is your fox business minute. dennis: thanks. wall street just a bunch of ingrates? apple soared 24% over $8 billion and revenue of 22% "varney and company" $6 billion and stock is getting clobbered as apple lost its are of invincibility. what do you think? >> i don't know if i would say

stock is getting clobbered. it is down 3%. it has fallen 3% from a high reach of a month ago. the reality here is times are a little more challenging for apple. they have a lot of new products. not only a product driven company but a hit driven company. the quarter wasn't what a lot of us expected. be included to some extent. the reality was heading into the holiday shopping season a can't think of many other companies with more product, more people want to own than apple. dennis: the question is what investors feel about the stock. down 3% and was in the stock about $775 three or four weeks ago? >> it was $700 but your point is well taken that stock has fallen and people are not used to apple stock falling, weather is 700 to

$600. the reality is stocks are going to go up and down. apple definitely has more challenges than a lot of folks expected. we look at it as a maturing growth story more so than other people. the bottom line is if you look at next year's earnings estimates, it is trading at a market multiple and has a lot of growth ahead of it and a tremendous balance sheet. for those reasons we have stock as a buy/so. dennis: some of this is because apple shot itself in the foot. purchases of 5 had slowed down because there was so much publicity about the mini. >> the ccmpany has tried for the last couple years to clampdown and manage these transitions but

it has become increasingly difficult. last quarter, they had this issue as folks were anticipating the i phone v. this quarter it was related in part to the ipad mini. these types of things have contributed to a greater level of volatility not only in the company's performance but more importantly for some the stock performance. dennis: might the ipad be a mistake? i thought they would go after the kindle fire but they come in with the starting price of 350 and that could cannibalize sales of there and i'd had more than it hurts the fire. >> i don't know if i would think of it like that. pricing the products at the low end of $320, definitely higher than people expected and they are not necessarily taking aim at those products that are priced below $200. apple has been successful for the last not only couple of years but many years at

delivering premium value for premium price and did is important to retain control of pricing and make sure they know the pricing, not other folks and they lifted great pain that a conference call to compare and contrast the ipad mini versus seven inch tablet products out there. dennis: we have got to run. you are still a believer but i saw the s&p cut its stock price prediction for apple. did you do that? >> $700 to $800. lori: jim for showing is coming up with what if on the election. >> if you have the do not track option, someone might be following you anyway. >> look at the winners on the

s&p. eastman chemical, expedia, losers as well and we will be right back. tdd#: 1-800-345-2550 this morning, i'm going to trade in hg kong.

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cheryl: cu in 15 minutes. the presidential election is just 11 days away and many experts are calling for a romney rally if the republican candidate does take the top slot. our next guest says congressional wall street wisdom might be wrong on this one. jim french wing is here. why are most experts saying stocks will rally on romney? >> i think governor romney is considered the more experienced and better person to handle the issues of the economy. the wisdom is pushing for a stock-market rally if it goes that way. it is not about the changing policies that will affect the market. the changing of policies might negative affect the market reaction. cheryl: how so? >> policy changes take time and focus on the economic issues not market issues. the reason for the rally as global coordinator edition of central banks to make commitment to making great flow and pushing people to more risk assets. that to me is more important

than either candidate. if romney is talking about replacing ben bernanke, that is a bigger threat. even if the new fed chairman considers the policy the risk and uncertainty with a from the victory might spook the markees a little bit. cheryl: you make comments about the presidential candidate because it seems more focused from investment perspective on congress because of the fiscal cliff. we have got to have something done. it seems to me we will get a deal but it might be market negative. >> we have seen this movie before. they keep telling us is different but it is not different. there will be a lot of rhetoric and the more ceos that jump on board talking about how alarmed they are the more nervous market investors will get and we will see choppy trading and a pullback especially as we reach the eleventh hour. with that in mind we think the reentry point will be created by this pool back because they will kick the can down the road.

there is going to be a compromise. i could say that as matter-of-fact but we have seen this. cheryl: getting back to the market before the end of the year the pullback in the month of december, we still are not clear whether we will have capital gains, dividend tax. those are massive market negatives. that does not tell anybody to buy stocks at that point before the end of the year. >> it is and the blind convention to go in but i will say there are going to be very good companies benefiting from this low-interest rate environment and on a full deck of those companies that is an opportunity to re-enter at a better level for investors. cheryl: you thought gdp would come been at 1.5% and then 2%. i have seen a lot of skepticism about this. >> i was more bearish on the number. i continue to see the earnings numbers which are meeting revenue numbers and revenue

numbers are failing and businesses are not -- slightly weaker number. 2% is anemic anyway. weather is the one.5 or 2 i should give myself more question and supersensitive passable number. cheryl: that is the wall street consensus at this point. thank you very much. dennis: microsoft outrage the advertising industry by making its new internet browser do not track, forbidding websites from tracking users unless we specifically say it is all right. how is it websites are able to track you any way? we are joined by sayre at downie who has an online privacy start up. i thought that was the end of it. on the microsoft browser it says don't track, i don't get track. >> not true. that is the take away we want to make sure people understand. is called do not track and you think it means you are not being tracked but advertisers and website still collect your personal data as you browse like what you read, what you watch.

cheryl: how can they do that microsoft has done something technically in a new browser to stop them from doing it? >> it is a voluntary message you are sending through the browser and not just for internet explorer but major browsers. you are saying please don't track me. it is a request, it is not an obligation that any of these advertisers have to do anything about it. dennis: i don't have the right fight, website not to track me and they tracked me i have no recourse? i can't stop them? >> that is why we created a product, a free ad on, really easy to use, blocks that tracking but the take away is the browser does not track despite new thinking it does something for your privacy is ineffective. dennis: if you have this new product called do not track plus, a generic name, if you have that product what does microsoft but that capability incited browser so doesn't get

your free product? >> it would be great, oh microsoft is paying attention. it is all about offering users a choice and giving them control over their privacy. it is a great first step microsoft has taken but sers want real control and we are not there yet. dennis: be brave, tell us the biggest name websites that are refusing microsoft's do not track suggestion. >> digital advertising alliance. that is over 5,000 advertisers and websites saying we're not going to -- dennis: they're refusing it even though i want to be tracked by could go to my new microsoft browser and say i want to be tracked but if i don't doesn't track but they are tracking anyway. >> for years advertisers have been collecting personal data without us having to stay at all. when things are switch the other way they don't like it. dennis: even when we have a say they are refusing to go along with it.

dennis: someone ought to do something about this. thank you for being with us. good job. cheryl: concern is growing that a perfect storm is brewing. sandy expected to cost more than a billion dollars. and hitting the political campaign trail as well. mitt romney canceling an appearance in virginia beach. we will be talking more about this. dennis: sandy is too friendly and aim for the storm. viacom stirring up hot. why his daughter is back in the picture possibly to succeed him. cheryl: the same story. as we go to break look at the ten year treasury. the yield 1.7.six%.

tracy: i am tracy byrnes with your fox business brief. of bearish tone on wall street investors digest latest corporate earnings and a report on the u.s. economy. the dow is down 49 points. the manhattan u.s. attorney's office charging an online business man with a multibillion-dollar scheme to defraud facebook and its chief executive mark zuckerberg. calls the glee of filed a lawsuit falsely claiming it promised a 50% share in the company. doctors destroy the evidence that supported the claim.

talk about sticker shock. 151 costs $50,000 a year, including fees and room and board according to the college board data analyzed by the council of higher education. off from 123 schools last year. that is the latest from the fox business network giving you the power to prosper.

cheryl: the perfect storm threatening billion the dollars of damage on the east coast. we are tracking hurricane sandy right now. >> it is going to be a very interesting and probably historic storm across much of the northeast. this is the latest look at the satellite imagery. still a hurricane. not looking as strong in the center but don't be fooled, it is a very huge storm and will strengthen as we move forward because of some other things, storm strengthened because of warm water in hurricane season

but the interaction the storm is going to have with the storm coming from the west will cause this to rapidly strengthened by the time we get towards sunday and monday. radar picture we have impact across parts of florida, heavy rain at times. tropical storm conditions continuing and warnings in effect from daytona beach to the keys and tropical storm watches all the way up to the outer banks. here's what we see on the forecast for the storm to track. continues to pull off to the northeast and takes this unprecedented track back towards the west and make landfall somewhere into jersey, virginia towards the connecticut area. any way this happens will be major impacts here in the eye 95 corridor. this is one of the models we like and buy 10:00 a.m. tuesday we are talking about a landfall around long island sound, maybe towards connecticut. that is one of the models we like. the other models makes land fall around parts of delaware. doesn't mean either of these

models will be exactly correct. could be somewhere in between those two, likely will be. anywhere we see to the right of that you see this little l shaped the land does it will pile all kinds of water in into new york harbor, jersey shore, long island sound, major impact, talking about a lot of power outages, potentially ten million people without power. when you get those power outages it takes a long time for them to get the power back. people need to expect they could be without power for well in excess of weeks. make those preparations for this. cheryl: even irene power outages in the northeast were incredible and took many people by surprise. hopefully they will be ready this time. thank you very much. dennis: what a pain. hurricane standee stalking the east coast of floor and bill keating is waiting for it in fort lauderdale.

>> for the past two days hurricane sandy brought a lot of wind and rain, tropical storm impacts to the coastline of florida simply because the eye of the hurricane is so far off shore. hurricane sandy living up to her name innfort lauderdale. the entirety of a 1 a covered in sand. that is why the road is closed and has been all day today. this is a substantial sand blown from the beach and waves and wind and rain. certain damage on the streets and a lot of traffic problems as well. damage to property is minimal but look at this boat we spotted bobbing, battered and beaten, half under water. that might not be repairable. this has been a killer hurricane from jamaica to cuba to haiti and the ball on hamas. 29 people dead so far and counting. the category 1 and category 2

and back to category 1 hurricane ripped off rooftops and houses, caused many structures to collapse and it is going to be many days of dealing with the impact of this hurricane out there in the island but back here on shore everybody is pretty much thinking of the weather right now is the best it has been and this will be the story of the day as the hurricane moves further north. the weather will improve miami to 4 lauderdale and west palm beach and beyond. saturday looks promising in southern florida but who knows where this hurricane ends up on tuesday. dennis: thank you. it is a quarter till. every 15 minutes we have stocks and comcast reporting. nicole: looking at comcast closely and it is looking pretty good. stock is up 2% on their quarterly report. third quarter profits on the rise. they had asset sale gains and third quarter revenue gains in part because of the london

olympics and nbc universal did well as revenue for that particular event over all. they also lost fewer subscribers than expected. put together a good day for comcast. let's look at the broader markee. dow jones industrials down 40 points and that is 1/3% waved down by names like bank of america and home depot and j. p. morgan. cheryl: see you at the top of the hour. and it is time for your west coast minute. food companies appear to be gaining ground in their fight over california's controversial prop. 7 requiring labels for genetically modified foods. craft, coca-cola and other companies have spent $40 million in ads to convince voters to vote no. 67% supported the measure but only 48% say they will vote yes. california colleges getting ready to raise tuition and cut jobs if proposition thirties'

defeated. the measure which governor brown is backing would raise $6 billion in taxes approved but if defeated but will will trigger a $5 billion cut from university budgets. google employees are traversing the grand canyon in an effort to add landmark to street you application. hy business camera strapped to their backs taking 360 degree photos of bright angel trail and a big portion of the south rim. google's goal is to photograph every corner of the world. that is your west coast minute. dennis: he likes cold but is mitt romney the best candidate for the coal industry? we will ask one clean coal ceo. cheryl: life after death. howie elizabeth taylor and other celebrities are still making millions in the afterlife. dennis: let's look at today's winners on the nasdaq. let ♪

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cheryl: cole is a big issue on the campaign trail as four coal producing state, pennsylvania, ohio, colorado and virginia remain up for grabs. mike durham, environmental solutions serve the national coal council under presidents bush and obama, joining us now under denver. i want to go back to what we heard from candidate romney in the presidential debate when he talks about the fact that he likes cold, clean coal. was a positive for the industry? >> the concept of clean coal, we prefer the term cleaner coal because it is a spectrum. obviously the clean air we can

make coal, the more it will sell, the greater the public acceptance. we look at that as a positive. cheryl: a lot of these companies are dealing with a double whammy. more epa regulations struggling to deal with that. some plants have been closing. at the same time these comments give a boost to stocks themselves. is the epa willing to back off a little bit. we do need:electricity. >> you need to look at regulations from the standpoint of what is affecting the existing plan and what is affecting the newer plan, the future of the technology. we have technologies to clean up existing plants and the retirement of 60-year-old plants that might not be economical and predict new generation is part of the life cycle of a plant. and operating will create more

jobs. the issue is whether coal will be allowed to compete in power plants? cheryl: back to the political environment, this war of words on cold. would take a quick enough turn to contribute to the energy grid in this country but also deal with all the regulations they have got that are sitting on their shoulders? >> absolutely. decisions made a round energy are done on another basis. what is happening this year, i know a lot of financial people got excited about the reduction in polk in the wintcoal in the

was primarily driven -- because of its importance in the energy mix coal will survive the politics. the issue is what will happen relative to the ability to build new coal-fired power plants. cheryl: we need it. thank you very much. important issue for us. dennis: got a tantalizing tales of a billionaire, a power struggle land may be a betrayal. sumner redstone in the wall street journal today set up a new controversy over who might succeed him when he dies and he is almost 90 years old. sumner saying his 50-year-old daughter cheri who runs the family theater could run the show never mind that they have feuded in the past but that would be an enormous betrayal to this man, viacom ceo of philip doman who was assumed to be in control and some nehr in a few years ago was in a bitter feud with his daughter as she tried to push for the right to succeed him. redstone tried to douse this with the controversy saying

philip is doing an outstanding job and there's no one in the world by trust more than him. he will always have an enormous role. cheryl: seems -- i understand the family dynamic but dauman has been ready to run the country -- dennis: that man -- sumner has control for the last moment. cheryl: let's move to entertainment, interesting on halloween. these celebrities have serious money in the bank but they are not near their atms. forbes releasing the list of the highest earning that celebrities the past year. bob hartley, the state brought in $17 million, small pena for charles schulz as his estate sold $37 million, the king, elvis presley made $55 million but he was outdone by the king of pop. michael jackson raked in $141 billion. number one, elizabeth. the silver screen legend made

$210 million. michael jackson and elvis getting knocked off. dennis: i am shocked. great job. the latest on the approaching superstorm and the dangers ahead. cheryl: meteorologist warning of a possible $1 billion price tag and potential disaster joining melissa frances as markets now continues.

>> the number to watch, 13,600. we're looking at some serious loss. >> we have to close above that. melissa. melissa: thank you so much. i am melissa francis. bracing for hurricane sandy as the category two storm heads north with a winter cold from headed east, could this perfect storm the $8 billion disaster?